A farmer sells futures contracts at a price of $2.42 per bus…

A farmer sells futures contracts at a price of $2.42 per bushel. The spot price of corn is $2.24 at contract expiration. The farmer harvested 12,100 bushels of corn and sold futures contracts on 10,000 bushels of corn. Ignoring the transaction costs, how much did the farmer improve his cash flow by hedging sales with the futures contracts?

The following information is available for Jack’s, Inc. for…

The following information is available for Jack’s, Inc. for the current month.Book balance end of month$7000​Outstanding checks650​Deposits in transit3500​Service charges110​Interest revenue50​What is the adjusted book balance on the bank reconciliation?

Malcom, Inc. had the following balances and transactions dur…

Malcom, Inc. had the following balances and transactions during 2017:Beginning Inventory as of 1/1/17 100 units at $80March 10Purchased 100 units at $100June 10Sold 120 units at $150What would be reported as ending inventory on the income statement for the year ending December 31, 2017 if the perpetual inventory system and the first-in, first-out inventory costing method are used?